Fantasy.top Founder Denies 'Soft Rugpull' Allegations, Says Operations Self-Funded for Two Years

Fantasy.top co-founder Travis Bickle has pushed back against allegations that the onchain trading card platform engaged in a “soft rugpull” by refusing to refund angel investors and pivoting away from its core product.

In a March 11, 2026 response to public accusations from multiple crypto investors, Bickle stated that the company has been fully self-funded through product revenues for the past two years and that no investor funds have been used for operations, while acknowledging structural changes are underway.

Investor Allegations and Public Dispute

Angel Investor Claims

On March 10, X user and investor “varrock” posted that Fantasy.top is refusing to refund approximately $50,000 in angel investment, alleging that the team has used platform revenues to pay themselves salaries while failing to provide promised financial statements or roadmap updates. “I’ve been promised a roadmap and financial statement, never got anything,” varrock wrote.

Several prominent crypto investors echoed similar experiences. Ethos Network CEO Trevor Thompson, who posts under the pseudonym “Serpin Taxt,” confirmed receiving no communications from the team, though he noted he did not expect repayment of his angel investment.

Industry Calls for Accountability

Mike Dudas, managing partner and co-founder of early-stage venture capital firm 6th Man Ventures, publicly called on Fantasy.top’s leadership to respond. Dudas wrote that he had also invested a “token check” in the platform as an angel investor and questioned the team’s conduct: “What’s your plan? You cleared millions, you haven’t repaid your angels or communicated with them, have you any honor?”

Some X users described the situation as a “soft rugpull”—a term used when a project remains online but drifts away from earlier promises while early backers feel ignored or sidelined.

Fantasy.top’s Background and Performance

Platform History

Fantasy.top is a Blast Layer 2-based game that allows users to trade NFT-style “hero” cards of crypto influencers. The platform was one of the fastest-growing SocialFi experiments during the 2024 cycle, generating significant trading activity and protocol fees during its peak usage period.

At its height, the project climbed into DeFiLlama’s top 10 crypto protocols by fees and revenue, appearing alongside popular platforms such as pump.fun. The company raised $4.25 million in a seed round led by Dragonfly, with previous backing from Alliance DAO.

Product Evolution Concerns

Part of the tension surrounding the dispute stems from claims that the project has moved away from its original trading-card game model. Some investors argue the team has redirected attention toward prediction markets and other products under the broader Fantasy application.

In November 2025, the team issued a public update stating that the core game feature was not shutting down. However, recent investor comments suggest some backers feel the platform’s direction has become unclear or insufficiently communicated.

Founder’s Response and Financial Clarifications

Self-Funding Assertion

On March 11, Bickle addressed the criticism, stating there was “a lot of misinformation” circulating online. He wrote: “For the past 2 years, the company has been fully self-funded through product revenues. Revenues were reinvested into development across multiple products and systems built under the Fantasy app. No investor funds have been used for company operations during this time.”

This assertion directly addresses the allegation that investor funds were used for salaries or operations, claiming instead that revenues from the platform itself have sustained the business.

Operational Changes and Runway

Bickle acknowledged recent internal changes aimed at financial sustainability: “Over the past months, we’ve significantly reduced burn, streamlined the team, and reduced founders’ salaries. The company has multiple years of runway without needing to touch investor funds.”

He confirmed that Fantasy.top has over 50 angel investors and stated that the team is doing its best to keep everyone updated, “though some structural changes take time to put in place.”

Future Plans

“We remain fully committed to building the company long term and will share more about the next phase soon,” Bickle wrote, indicating that more detailed communications to investors and the broader community are forthcoming.

Investor Perspectives

Varied Expectations

The dispute highlights the sometimes ambiguous nature of angel investing in crypto startups, where informal investment rounds can collide with evolving product strategies and limited disclosure standards. Thompson’s comment that he never expected repayment reflects the high-risk, high-reward nature of such investments.

Governance Implications

The public nature of the dispute on social media platforms like X underscores how crypto project governance and investor relations increasingly play out in real-time public forums, with reputational consequences for founders who fail to communicate effectively.

FAQ: Fantasy.top Investor Dispute

Q: What are the allegations against Fantasy.top?

A: Angel investors claim the platform has refused to refund approximately $50,000 in early investments, failed to provide promised financial statements and roadmap updates, and pivoted away from its original trading-card game without clear communication. Some have characterized this as a “soft rugpull.”

Q: How did Fantasy.top founder Travis Bickle respond?

A: Bickle stated that the company has been fully self-funded through product revenues for two years, that no investor funds have been used for operations, and that the team has reduced burn and founders’ salaries to maintain multiple years of runway. He acknowledged structural changes are underway and promised more updates soon.

Q: What was Fantasy.top’s previous success?

A: Fantasy.top was a leading SocialFi platform during 2024, allowing users to trade NFT-style cards of crypto influencers. It ranked in DeFiLlama’s top 10 protocols by fees and revenue and raised $4.25 million in a seed round led by Dragonfly.

Q: How many angel investors does Fantasy.top have?

A: According to Bickle, the platform has over 50 angel investors, and the team is attempting to keep them informed while implementing internal changes.